This post is about Audit and Assurance. It’s the key to success in any organisation. In this post I will cover the key topics of audit and assurance. The information in this article is applicable to all auditing disciplines, and so all students interested in this subject should read it. The AAA syllabuses are designed to further your understanding and skills in the Audit and Assurance discipline, and utilise these to examine, assess and conclude on the specific audit and assurance topics in the context of current trends and best practice.
An examination of the audit and assurance framework will provide students with a solid foundation for further learning. To prepare properly for a computer-based exam, you will need to learn about the organisation that employs you, the auditor, and the specific roles and duties. You will need to gain a thorough understanding of the methods employed to achieve the objectives of the organisation. You will also need to understand and comply with the policies, procedures, ethics and practice requirements outlined in the Act and these policies and practices may be laid out in a separate and / or a sister legislation. These laws and statutes must be reviewed for consistency with the Australian Laws, including those set out in the Corporations Act 1990.
An article focuses specifically on candidates becoming auditors. ACCA p7 technical articles Candidates will need to demonstrate the required knowledge and ability. The candidate will need to demonstrate that he/she is able to apply theory and concepts both in and outside the classroom to achieve a successful outcome. A candidate cannot effectively apply audit methods in the classroom by itself. For that reason candidates who have successfully completed an auditing course and are certified by a national body such as the CPA (Chartered Accountants) of Australia, the US-CA (Certified Fraud Examiner) or the UK-SA (Chartered Accountant) must demonstrate that they have met specific, requisite needs to sit for an examination.
Audited courses will provide candidates with a thorough grounding in topics relevant to the profession. Candidates will learn a range of topics that include audit methodologies, ethics and risk management, cost control, audit and assurance techniques, forensic accounting and reconciliation, audit reporting and methodology, audit strategies and tools, risk assessment methodology and audit management principles and practices. Further reading will help candidates to prepare for the exam and to successfully complete it. As will be explained below, there are five main objectives that the exam must achieve. Learning how to achieve these objectives will prepare candidates for their career.
The first objective is to assess the competency of the auditor. ACCA past papers Candidates will need to demonstrate that their knowledge and skill in a specific area have been acquired through study and practice. In addition, in order to score well on this objective, candidates will need to be able to explain their audit findings in a clear and effective manner. To achieve this, a detailed audit process flow needs to be established, which will involve detailed explanations of the work involved, a brief account of the relevant past events and the impact they had on the current audit.
The second objective covers the key role of the auditor in ensuring that companies meet their financial reporting responsibilities. Learning how to develop a proper procedure is required. In addition, a thorough review of the audit process is required to ensure that the auditor has sufficient knowledge, experience and understanding of the audit process. The third objective covers the areas of risk management and risk assessment, which are essential for a sound assurance policy and the delivery of a reliable financial report.
